MIRA INFORM REPORT

 

Report Date :

21.01.2012

 

IDENTIFICATION DETAILS

 

Name :

UIS TECHNOLOGIES SDN. BHD.

 

 

Registered Office :

No. 80, Jalan IKS Bukit Tengah Taman IKS Bukit Tengah Bukit Mertajam Pulau Pinang  14000

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.08.2004

 

 

Com. Reg. No.:

663143-V

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Manufacturer & distributor of all types of precision engineering tools, machinery, parts and accessories.

 

 

No. of Employees :

20 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 80,000

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION DETAILS

 

Verified Address

 

Subject name                :           UIS TECHNOLOGIES SDN. BHD.

 

Business address          :           No. 80, Jalan IKS Bukit Tengah

Taman IKS Bukit Tengah

 

Town                             :           Bukit Mertajam

Province                        :           Pulau Pinang

Zip/postal code              :           14000

Country                         :           Malaysia

Tel                                :           +60 4 5012999

Fax                               :           +60 4 5012995

Email                            :           sales@uistech.com.my

Website                        :           www.uistech.com.my

 

 

Registered address        :           No. 80, Jalan IKS Bukit Tengah

Taman IKS Bukit Tengah

 

Town                             :           Bukit Mertajam

Province                        :           Pulau Pinang

Zip/postal code              :           14000

Country                                                           :                       Malaysia

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   17/08/2004

 

Legal form                                 :   Private Company Limited By Shares

 

Chief executive                          :   Teh Chin Tuan

 

Issued & paid up capital             :   MYR 800,000

 

Sales turnover                            :   MYR 4,032,787 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 57,777 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 4,193,539 (Non-consolidated 12 months, 31/12/2010)

Line of business                         : Manufacturer & distributor of all types of precision engineering tools, machinery, parts and accessories.

 

Staff employed                                                                        :   20 employees

 

 

 

CREDIT RISK OPINION

 

Company Analysis

 

Country risk                   :   Country risk is minimal

 

Operation trend              :   Operational trend is steady

 

Management experience:   Management is reasonably experienced

Financial performance    :   Financial performance is fair

Organization structure    :   Organizational structure is stable

Detrimental        :   No detrimental records found

Payment history            y          :   No payment delays noted

 

Credit amount suggestion:   USD 80,000

 

Credit amount asked              :   Not described.

 

 

STATUTORY DETAILS

 

 

Registry Data

 

Registration date            :   17/08/2004

 

Legal form                     :   Private Company Limited By Shares

 

Registration no                  663143-V

 

Registered authority       :   Companies Commission of Malaysia

 

Registry status              :   Live/Active

 

Previous name               :   None reported.

 

Change of legal form       :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                            :           Teh Chin Tuan

Designation                   :           Managing Director

 

 

Name                            :           Pang Boon Tat

Designation                   :           Director

 

Name                            :           Yuan Kar Sit

Designation                            :                       Director

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           Teh Chin Tuan

Designation                   :           Director

Identification no              :           750510-07-5217

Appointment date           :           17/08/04

Address                        :           2A, Lorong Haji Ahmad Jamil 2

Taman Haji Ahmad Jamil

13300 Tasek Gelugor Pulau Pinang Malaysia

 

 

Name                            :           Pang Boon Tat

 Designation                  :           Director

Identification no              :           751202-02-6063

Appointment date           :           21/12/06

Address                        :           10, Lintang Seri Arowana 2

Taman Seri Arowana

13700 Perai Pulau Pinang Malaysia

 

Name                            :           Yuan Kar Sit

Designation                   :           Director

Identification no              :           830622-07-5166

Appointment date           :           17/08/04

Address                        :           18, Tingkat Siakap 13

Seberang Jaya

13700 Perai Pulau Pinang Malaysia

 

Name                            :           Tang Lean Yoke

Designation                            :                       Company Secretary

Identification no              :           580602-07-5354

Appointment date           :           17/08/04

Address                        :           18, Jalan Perai Jaya 1

Bandar Perai Jaya

13700, Perai Pulau Pinang Malaysia

 

Staff employed               :           20 employees

 

 

Key Advisors

 

 

Auditors            :           LIANG & CO.

18, Jalan Perai Jaya 1

Bandar Perai Jaya

13700, Perai Pulau Pinang Malaysia

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital          :   MYR 1,000,000

 

No of shares                  :   1,000,000 Ordinary Shares

 

Share par value              :   MYR 1

 

Issued capital                :   MYR 800,000

 

Paid up capital               :   MYR 800,000

 

Changed in capital         :   The Subject increased its share capital from MYR 500,000 to MYR 1,000,000 on

03-09-2010.

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                     :   Full List

 

Composition

 

Shareholder name          :   Teh Chin Tuan

 

Address                        :   2A, Lorong Haji Ahmad Jamil 2

Taman Haji Ahmad Jamil

13300 Tasek Gelugor Pulau Pinang Malaysia

No. of shares                 :   645,000 Ordinary Shares

 

Shareholder name          :   Yuan Kar Sit

 

Address                        :   18, Tingkat Siakap 13

Seberang Jaya

13700 Perai Pulau Pinang Malaysia

No. of shares                 :   150,000 Ordinary Shares

 

Shareholder name          :   Pang Boon Tat

 

Address                        :   10, Lintang Seri Arowana 2

Taman Seri Arowana

13700 Perai Pulau Pinang Malaysia

No. of shares                          :   5,000 Ordinary Shares

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

 

 

Name                :   UIS PRECISION ENGINEERING SDN. BHD.

ffiliation type      :   Associate

Address            :   No. 80, Jalan IKS Bukit Tengah

Taman IKS Bukit Tengah

Bukit Mertajam 14000

Pulau Pinang

Malaysia

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   RHB Bank Berhad

Address            :   Malaysia

Account details  :   Current Account

 

 

Name of bank    :   Hong Leong Bank Berhad

Address            :   Malaysia

Account details  :   Current Account

 

 

Comments        :   It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

 

Mortgages     :   Total of Charge: 504,000.00

Date of Creation: 28-07-2010

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED

 

Total of Charge: 395,000.00

Date of Creation: 28-07-2010

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED

 

Total of Charge: 165,000.00

Date of Creation: 28-07-2010

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED

 

Total of Charge: 1,400,000.00

Date of Creation: 13-12-2010

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED

 

Total of Charge: 1,100,000.00

Date of Creation: 13-12-2010

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED

 

 

Legal Fillings

 

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

 

FINANCIAL DATA

 

Description

 

Source of financial statement               :   Commercial Registry Filings

 

Financial statement date                     :   31/12/10

 

Type of accounts                                :   Full audited

 

Currency                                            :   Malaysia, Ringgit (MYR)

 

Exchange rate                                    :   1 USD = MYR 3.10 as of 20-01-2012

 

Summarized Financial Information

 

Consolidation type                              :

Non Consolidated

Non Consolidated

Currency                                            :

Malaysia, Ringgit (MYR)

Malaysia, Ringgit (MYR)

Denomination                                     :

(x1) One

(x1) One

Date of financial year end                    :

31/12/10

31/12/09

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

4,032,787

4,720,258

Gross profit                                        :

1,187,622

1,152,009

Profit before tax                                  :

89,355

158,437

Net income                                        :

57,777

120,115

Non current assets                             :

1,005,047

275,983

Current assets                                    :

3,188,492

2,948,836

Inventories                                          :

835,631

763,193

Total assets                                       :

4,193,539

3,224,819

Current liabilities                                 :

2,066,491

2,005,821

Non current liabilities                           :

620,244

69,971

Total liabilities                                    :

2,686,735

2,075,792

Share equity                                       :

1,506,804

1,149,027

Retained earning                                 :

706,804

649,027

 

 

OPERATION DETAILS

 

 

Main activities                :   The Subject is engaged in the manufacturing of high precision parts.

 

The Subject provides high precision CNC machining service, engineering design, parts specification & material analysis, reverse engineering, surface finishing treatment & sub module assembly service.

 

Product & services         :   Products

- Standard Steel Parts

- CNC Machining Parts

- CNC Turning Parts

- Engineering Plastic Parts 2

- Engineering Plastic Parts

 

 

Services

- High speed CNC turn mill machining services

- Component parts reverse engineering

- System concept design and fabrication

- Sub module assembly

- Surface finishing preparation (Polishing & Lapping)

 

 

Purchases

 

 

International       :   Asian countries

 

Sales

 

Local                :   Yes

 

International       :   United States, France, Japan, Singapore, Taiwan

 

Property & Assets

 

 

Premises          :   The Subject operates from premises located at the verified heading address consisting of production facilities, warehouse and administrative office occupying floor space area of 10,000 square feet.

 

 

Branches          :   None reported.

 

Other property   :   Total NBV of property, plant and equipment as of 31-12-2010 was MYR

1,005,047.

 

 

SUMMARIZED COUNTRY RISK

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$ 133.6 billion as of 31 December 2011

 

Gross domestic product - GDP               :   US$ 247.781 billion

 

GPP (Purchasing power parity)               :   442.01 billion of International dollars

 

GDP per capita - current prices               :   US$ 8,624

 

GDP - composition by sector                  :   agriculture: 9.4% industry: 40.9% services: 49.7%

 

Inflation                                                 :   2008: 5.4%

2009: 0.6%

2010: 1.7%

 

Unemployment rate                                :   2008: 3.3%

2009: 3.6%

2010: 3.3%

 

Public debt

(General Government gross debt as a % GDP) :   2008: 42.8%

2009: 55.4%

2010: 54.2%

 

Government bond ratings                        :   Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

Moody's outlook: STA

 

Market value of publicly traded shares      :   US$420 billion

 

Largest companies in the country            :   CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public

Bank Berhad (Banking), Maybank (Banking), Tenaga Nasional Berhad(Utilities), Petronas Chemicals, Maxis Berhad

 

 

Trade & Competitiveness Overview

 

 

Total exports                             :   US$210.3 billion

 

Exports commodities                 :   electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

 

Total imports                             :   US$156.2 billion

 

Imports commodities                  :   electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

 

Export - major partners               :   US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong

Kong 4.6%

 

Import - major partners               :   Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%, Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

 

FDI Inflows                                :   2007: US$8,538 million

2008: US$7,318 million

2009: US$1,381 million

 

FDI Outflows                              :   2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

 

Best countries for doing business:   21 out of 183 countries

 

Global competitiveness ranking   :   26 (ranking by country on a basis of 133, the first is the best)

 

 

Country and Population Overview

 

Total population :   28.23 million

 

Total area          :   329,847 km2

 

Capital              :   Kuala Lumpur

 

Currency         :   Malaysia Ringgits (MYR)

 

Internet users as % of total population:   57.61%

 

 

PAYMENT HISTORY

 

Purchase Term

 

Local                                                 :   Prepayment, Credit 30-60 days

 

International                                       :   L/C, Telegraphic transfer, Credit 30-60 days

 

 

Sales Term

 

Local                                                 :   Prepayment, Credit 30-60 days

 

International                                       :   L/C, Telegraphic transfer, Credit 30-60 days

 

 

Trade Reference/ Payment

Behaviour

 

Comments                                         :   As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

 

 

Investigation Note

 

Sources                                             :   Interviews and material provided by the Subject

 

:   Other official and local business sources

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.33

UK Pound

1

Rs.77.97

Euro

1

Rs.65.31

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.